Have to go with Roy, and Zonie: I put on enough coats to get a good even finish. I don't use steel wool because I hang my stocks in a closet in a spare room where there is nothing to stir dust. I have been lucky with the last couple of stocks that way. The last stock was a hard piece of maple, and I stopped at 7 coats. It still looks good. I have done many more coats, and I like to put on as thin a coat as I can as I build the finish.
I found that if you use dry CLEAN fingers to run through the last coat about 15 minutes after you put it on, you can get a satin sheen that is hard to beat. You rub the finish just enough to break the surface of the oil, and, since it has set up and is partial dry, it dries that way. I have seen rottenstone used, using a rag with oil in it to hold onto the rottenstone, and the finish you get is outstanding. If I ever find a supply of rottenstone in some shop, I will buy it, and perhaps save me several coats of finish on the next stocks I do.